- This was confirmed by EF representative Yoava Weiss.
- The innovation will be officially announced at WalletCon
- This standard is the “foundation” of a modern and reliable mechanism for social recovery
The ERC-4337 standard was deployed on the Ethereum mainnet via the EntryPoint smart contract this week, according to Etherscan. This is a key blockchain enhancement designed to greatly simplify user access to a locked wallet.
The co-founder of the project, Vitalik Buterin, mentioned it in passing in his article, which we covered here. In it, he noted the advantages of ERC-4337 over the traditional social key recovery mechanism.
According to the source CoinDesk, the standard has been tested and verified for safety. It is expected that it will be officially announced at the WalletCon event as part of the ETHDenver conference.
The idea behind the abstract account is to make it more flexible. This standard will allow the use of smart contract wallets with arbitrary validation logic.
It can be compared to two-factor authentication. This is how, for example, the advantages of the standard are described by Yoava Weiss, a representative of the Ethereum Foundation:
“For the average user, the innovation only means that there will always be someone who can help you regain access to the wallet if the key is lost.”
The development of the account abstraction took nine years. The developers had to redesign almost the entire protocol to support this feature.
